Osisko Mining secures hydroelectric power for Windfall project

Osisko Mining (TSX: OSK) has entered into a memorandum of understanding with the Cree First Nation of Waswanipi (CFNW), pursuant to which the CFNW will transport hydroelectric power to the company’s Windfall gold project in the James Bay region of Quebec.

The CFNW is expected to finance, build, own and operate a 120kV transmission line that will transport hydroelectricity to the Windfall project and surrounding areas. As the end user, Osisko will pay transportation fees to the CFNW.

Under the principal terms outlined in the MOU, this agreement will ensure the delivery of hydroelectricity to the Windfall project for a period of 18 years, with further extensions over the life of the Windfall mill. The MOU also solidifies the partnership approach to natural resource development between Osisko and the CFNW. 

Major Drilling onsite at Osisko Mining’s Windfall gold project in Quebec, where it completed the longest drillhole in Canada. Credit: Major Drilling

Using hydroelectric power through the final stages of exploration and throughout the construction and operation phases will reduce greenhouse gas emissions by reducing the Windfall project’s dependency on fossil fuels, Osisko stated.

“Osisko is proud to enter into this MOU with the Cree First Nation of Waswanipi, historically a new approach with respect to conducting business on Eeyou Istchee/James-Bay territory,” John Burzynski, Osisko’s chairman and CEO, commented in a news release. “The hydroelectric power transportation MOU is aligned with Osisko’s vision for sustainable development of natural resources, and with the CFNW’s vision of sustainable infrastructure within their traditional territory.” 

“Osisko has consulted and worked with us as rightsholders since their acquisition of Windfall in August 2015. Their sustainable development approach is highlighted by the success of Miyuukaa Corp., our socio-economic development entity. This ownership opportunity is the culmination of years of mutual respect and collaboration. We are writing a new chapter in sustainable infrastructure development within the Eeyou Istchee/James Bay territory,” CFNW Chief Marcel Happyjack stated in the news release.

Osisko recently announced that it would develop the Windfall project without Northern Star Resources (ASX: NST) after joint venture talks with the Australian miner failed to reach an agreement.